Legalizing recreational pot: Is Colorado ready to roll?

On Tuesday, Colorado Governor (and staunch marijuana legalization opponent), John Hickenlooper, signed 6 landmark bills formalizing the legalization of marijuana in the state. Last November, voters passed Amendment 64, 55% to 44%, making Colorado first state in the union to legalize (thereby wholly decriminalizing) the recreational use and sale of pot. Colorado adults, 21 years and older, can now enjoy smoking a joint or eating a THC chocolate truffle without paranoia about getting caught.

The law’s passage is not a carte blanche for pot enthusiasts. The regulations include a blood limit of “5 nanograms per milliliter” for drivers under the influence, and “limiting purchases of marijuana to non-Colorado residents at one-quarter of an ounce.” As the first state to pass a marijuana legalization law, Colorado must create a path to transition from controlling a black market to a creating a legitimate market. To expedite that process, Hickenlooper has posed a referendum to Colorado’s voters of a 25% tax rate on individual purchases.

Tonight, All In with Chris will delve into the mechanics of how Colorado will enact this change. What are marijuana’s economic possibilities, and how will Colorado’s experience influence other state’s plans? Rep. Mark Waller, sponsor of the driving-under-the-influence legislation, said “Amendment 64 brings Colorado into new and foreign territory.”